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Financial News: Austria Manufacturing Sector Growth Fastest In 3 Years

Austria Manufacturing Sector Growth Fastest In 3 Years

02/24/2021 - 06:14:00 (RTTNews)

(RTTNews) - Austria's manufacturing sector grew at the fastest pace in three years in February, survey results from IHS Markit showed on Wednesday.

The UniCredit Bank manufacturing Purchasing Managers' Index increased to 58.3 in February from 54.2 in January. Any reading above 50.0 indicates expansion in the sector.

New order grew at the quickest pace since last October and backlogs of work rose at the fastest rate in three years.

The rate of factory job creation quickened to the fastest for more than two years as firms looked to expand capacity, the survey showed.

Stocks of finished goods declined the most in eleven years.

On price front, the survey revealed that input price inflation reached a near-decade high and output prices rose the most since April 2018.

Business confidence for the next 12-month advanced to its highest level in over three years. Many firms were optimistic due to the rollout of COVID-19 vaccines.

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